1. Field of the Invention
The present invention generally relates to transaction accounts.
2. Related Art
In the current market, many people have poor credit due to various reasons. Poor credit is generally associated with a low credit score. Low credit scores and associated poor credit may have many adverse results. For instance, borrowing terms are generally unavailable or less favorable to those with poor credit. Also, poor credit may be a negative factor during the hiring process as employers are increasingly performing detailed background checks, and often including a credit check.
Poor credit may be the result of a variety of factors, such as inability to pay bills, medical issues, a hardship, poor planning, foreclosure, divorce, lack of a borrowing history, high debt levels, multiple credit applications and fraudulent activities. Occasionally, an individual may desire to increase her credit score, but the mechanisms to do so may be out of reach. For instance, one way to raise a credit score is by having a long history of prompt bill payment. Another way to raise a credit score may be to increase one's available credit and lower the percentage of available credit used. However, the only credit option available for some individuals with very poor credit is a secured credit card, which requires that the available credit limit be secured by a demand deposit account.
Those seeking credit during a transaction account enrollment process are typically either approved or denied, with no third option with a given issuer. Given the foregoing, what is needed is a system, method and computer program product for offering another transaction account to those that would otherwise be denied.